Giant want me to personally indemnify them

[centurian]

Red line. Never do this. Ever. And if you do, you're also making life more difficult for the rest of us.

^^ This

They are putting these clauses in because idiots are accepting them - and the more that accept them, the more it becomes a "standard clause" until eventually it becomes a "take it or leave it" clause across the industry.

I am happy to accept liability - if they accept me as a sole trader. If they insist on me using a LtdCo - then it's Limited Liability - end of.

[SueEllen]

^^ This

They are putting these clauses in because idiots are accepting them - and the more that accept them, the more it becomes a "standard clause" until eventually it becomes a "take it or leave it" clause across the industry.

It's more likely that people don't read and don't understand their contracts before signing them.

How many times on here have we been asked what a specific clause means when a contractor is facing difficulty?

Edited to say: If the agency says it's their standard contract and they can't alter it then talk to the client.

[TykeMerc]

It's more likely that people don't read and don't understand their contracts before signing them.

How many times on here have we been asked what a specific clause means when a contractor is facing difficulty?

Edited to say: If the agency says it's their standard contract and they can't alter it then talk to the client.

Very true, many won't understand or even try to understand the clauses, others will put trust in the agency acting in a way that favours the contractor which is plain silly. As we all know agencies will always favour themselves (they'd be stupid not to) and in truth they represent the client and not the contractors which some fail to get.

"Standard contract" is simply an opening negotiating position if contractors are stupid enough to buy that line then they really shouldn't try to play with the grown ups.

[LisaContractorUmbrella]

What am I missing here I thought Giant was an umbrella company Can anyone explain?

[tractor]

...

What am I missing here I thought Giant was an umbrella company Can anyone explain?

The OP is a bit sparse of info and it may be that the contract is a direct except for payroll services so they forced an umbrella on them. Have to wait for the OP to come back and answer that one.

[LisaContractorUmbrella]

The OP is a bit sparse of info and it may be that the contract is a direct except for payroll services so they forced an umbrella on them. Have to wait for the OP to come back and answer that one.

But the OP refers to 'myco'??? This is all very confusing - let's see what he comes back with

[TheFaQQer]

I'm after a bit of advise, I've been contracting for 20 years now, and this is my first request for advise.

advice

[TheFaQQer]

What am I missing here I thought Giant was an umbrella company Can anyone explain?

http://www.giantgroup.com/precision-unlimited.aspx

Giant Precision is a different part of the group.

[20years]

Sorry for the lack of info in the original post. Its giant precision, which is a different part of the giant group.

This has nothing to do with umbrella's etc.

Just for clarity this is your typical 'traditional' contracting arrangement. I am director and 100% owner of ltd company, Giant precision are the 'agency' in this case.

Giant precision want me to personally act as guarantor for my co, such that giant precision can hold me personally liable for any losses incurred with no upper limit on the cost or any limit on the date when they can try to hold me liable.

[LisaContractorUmbrella]

Sorry for the lack of info in the original post. Its giant precision, which is a different part of the giant group.

This has nothing to do with umbrella's etc.

Just for clarity this is your typical 'traditional' contracting arrangement. I am director and 100% owner of ltd company, Giant precision are the 'agency' in this case.

Giant precision want me to personally act as guarantor for my co, such that giant precision can hold me personally liable for any losses incurred with no upper limit on the cost or any limit on the date when they can try to hold me liable.

Thanks for the clarification but I am still not sure - who is your B2B contract with? What is Giant's function in this - are they acting as accountant and agency or just agency?